Dow falls for a 5th day despite emergency backstop of Silicon Valley Bank
(Image by Sergei Tokmakov, Esq. Terms.Law from Pixabay)
(CNBC) -- The Dow Jones Industrial Average dropped on Monday as a plan to backstop all the depositors in failed Silicon Valley Bank, along with other extraordinary measures, failed to boost bank shares.
The losses were contained as some investors bet the financial shock could cause the Federal Reserve to pause interest rate hikes.
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The Dow Jones Industrial Average lost 90.59 points, or 0.3%, to close at 31,819.05. The 30-stock index dropped as much as 284 points earlier in the session. The S&P 500 ended down 5.85 points, or 0.15%, to end at 3,855 after falling as much as 1.4% at one point. The Nasdaq Composite closed 0.45% higher, or 49.95 points, at 11,188.84 points.
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